Think Big, Buy Small

Geoff Duckworth’s story is that of a self-funded search that transformed him from being an employee at a larger firm, to CEO of an enduringly profitable small business, to seller of the company that he had run for years.  It was after reading Rick and Royce’s book, HBR Guide To Buying A Small Business, that he decided to pursue the path of entrepreneurship through acquisition. In this episode, Geoff shares reflections on his experiences as an acquisition entrepreneur, including why he decided to stop working for others and buy his own business; how he sourced companies that were for sale; the qualities he saw in the business he ultimately bought; how he financed the acquisition; and insights on his time spent at the company helm and beyond.  Geoff’s story is a classic example of a complete entrepreneurship through acquisition journey.

Ten years ago, Robin Kovitz became President & CEO of Baskits, now one of Canada’s leading gift services companies, by purchasing the company from its two retiring founders.  Baskits was an acquisition that had many of the qualities that lead to success for first-time CEOs, including recurring customers and a record showing years of profitable operations.  It was also, however, a seasonal business, which is a potential red flag for Rick and Royce.  In this episode, Robin shares insights on why she decided to become an acquisition entrepreneur, the impact of her “being passionate about the business” investment criteria on her geographically focused and self-funded search, her perceptions of risk, the effects of searching on family life, why she loves her role at Baskits, and more.

Are you looking for an alternative to a career path at a big firm? Does founding your own startup seem too risky? There's another compelling path open to you: acquiring a small business and running it as CEO. Co-hosted by Harvard Business School professors Richard Ruback and Royce Yudkoff, the show is an extension of their popular course, Entrepreneurship Through Acquisition, and their highly regarded book, HBR Guide To Buying A Small Business.  Think Big, Buy Small helps listeners to determine if entrepreneurship through acquisition is for them and, if it is, provides insights and guidance on the different milestones along the journey to acquiring an enduringly profitable small business.